Today, I read some jaw-dropping statistics from a World Economic Forum article highlighting a recent Microsoft survey called “The Next Great Disruption is Hybrid Work – Are We Ready?” Here is what concerned me the most,
- 41% of the entire global workforce are considering quitting their jobs
- The percentage for Generation Z (ages 18 to 25) is even higher, at 54%
Watch this video or read the World Economic Forum article.
Protect your Finance Team from the Turnover Tsunami
Accounting Software Cross-Training
This might appear obvious; however, it is very common for me to get a call for help when a key finance team member resigns and no one else completely understands how to produce Accounts Receivable Invoices, create an Electronic Funds Transfer file to pay vendors or produce and interpret financial statements for the next board meeting. Every finance team member needs an “understudy” in preparation for vacations, medical leave, or the dreaded resignation.
Document your processes
Make it a goal this Fall to document, with screenshots, your accounting software processes for all tasks. Even steps that you think are simple, like your naming conventions for Vendor IDs and Deposit Numbers, will be crucial for the ones that fill in or take over a role. First, consider making an outline of tasks. Block out a recurring time on your calendar to tackle documentation.
Budget for new hire software training
We may not know which position, or when, but change is inevitable. While cross-training and documenting your processes will put you in a much less risky place, any new hire requires the training and tools to be successful. Budgeting for your accounting application training and renewing or enrolling in a software Customer Support Plan can act as insurance against the inevitability of change. Be proactive and contact your software Business Partner that provides training and support for an estimate for your budget.
Assess your accounting software environment and configuration
When you transitioned to remote working, did you experience downtime with your accounting software? Is it time to consider moving away from an on-premise server to a hosted environment accessible from any physical location with internet service?
How did you manage printing checks from home? If your accounting application has the feature to create a file to upload to your bank for the payment of vendors, either plan to use it or implement the option. In addition to moving to a more paperless environment, your vendors will appreciate not having to wait for and deposit physical checks.
How did you manage purchasing approvals? Is it time to consider electronic approvals by introducing an automated approval process accessible via a URL?
Perhaps it is time for a conversation with your accounting software Business Partner to review your current configuration including the number of licensed users, and additional modules and features that might save you time and money. Think of it as an accounting software tune-up to make sure you are taking full advantage of your investment.